Airline-equipment giant United Technologies is reportedly closing in on a more than $20 billion deal

Airplane-equipment giant United Technologies is closing in on a more than $20 billion buyout of competitor Rockwell Collins, according to a report from The Wall Street Journal.

Discussions are reportedly ongoing, but negotiations have focused on a deal price of less than $140 per share for Rockwell, according to the Journal. The company was trading up about 2% to $130 per share late Tuesday morning, giving it a marketcap of $21.7 billion.

United Technologies, which does business with Boeing and Airbus, is up 1.2% and has a marketcap of more than $93 billion.

If the deal is finalized, it would create one of the largest airline-parts suppliers in the world.

But analysts don't expect antitrust issues to flub a potential acquisition, according to the report, as the companies make different airplane parts. Bloomberg reported in early August that United Technologies was weighing a deal.

United Technologies sells jet engines, landing gear, and wheels; Rockwell Collins supplies cockpit displays, communications systems, and seats.